Commentary linked to the recently released memoir of Changpeng Zhao (CZ) has revisited Binance’s plans to enter the Philippine market, including references to Coins.ph, placing FinTech Alliance PH within a broader industry conversation. While these narratives contribute to ongoing discussion, FinTech Alliance PH released a statement claiming that it “remains firmly guided by its governance standards and processes.”
Chaired by Lito Villanueva, the alliance brings together ecosystem players, regulators, and stakeholders on a neutral platform to advance innovation grounded in accountability, transparency, and shared responsibility. Established in 2017, the Alliance now comprises over 150 corporate members, collectively driving more than 95% of retail digital financial transaction volume and serving an aggregate user base exceeding 110 million.
“The Alliance was established to champion sustainable inclusion, responsible innovation, and consumer protection, while advocating for coopetition, collaboration, and co-creation across the financial ecosystem,” it claimed, adding that it is also a co-founder of the 15-market Asia FinTech Alliance, strengthening regional collaboration and cross-border innovation.
“FinTech Alliance PH is among the first in Asia to institutionalize a Code of Ethics and Code of Conduct, adopted by every corporate member as a core requirement for membership. These standards were developed in close collaboration with regulators and government agencies. Membership is anchored on a stringent, risk-based due diligence process and strict compliance requirements, reflecting a strong commitment to integrity and accountability.”
The alliance has also taken enforcement action “when standards are breached, including the expulsion of five corporate members for serious violations, reinforcing a zero-tolerance stance on non-compliance.” As such, the “alliance affirms that it has not been pressured by any entity, whether member or non-member, to endorse or oppose the entry of any organization into the Philippine market, and all positions are guided solely by established governance processes.”
While membership requires full regulatory compliance, the alliance continues to engage non-members through partnerships, including financial education initiatives, where Binance previously participated.
The Philippine fintech ecosystem operates within a dual regulatory framework, with the Bangko Sentral ng Pilipinas overseeing payments and VASPs, and the Securities and Exchange Commission governing investment-related digital assets.
“In a rapidly evolving sector, competition is inevitable, but in the Philippines it is shaped by a framework of structure, anchored in accountability, and strengthened by trust. This enables a dynamic yet responsible ecosystem where more industry players can participate, driving innovation and expanding customer choice, while upholding the highest standards of consumer protection, compliance, and governance,” the alliance ended.
